Energy Transfer to buy SemGroup in $5bn deal
Midstream energy company Energy Transfer agreed to acquire oil and natural gas transport firm SemGroup in a unit and cash transaction valued at $5.1bn.
SemGroup shareholders will receive $6.80 a share in cash and the transaction values the company at $17 a share.
The received equity consideration is anticipated to be treated as a tax-free transaction.
Total suspends work on $3.5bn Uganda-Tanzania oil pipeline
Total suspended all activities on a planned $3.5bn crude export pipeline from Uganda to Tanzania due to uncertainty over its Uganda operation.
The 1,445km pipeline was planned to pass through neighbouring Tanzania to the Indian Ocean port of Tanga.
The decision follows last week’s termination of the farm-down transaction between Tullow Oil, Total E&P and CNOOC.
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By GlobalDataGE to reduce ownership in BHGE to raise $2.7bn
General Electric (GE) announced plans to reduce its ownership in oil and gas company Baker Hughes, a GE company (BHGE), from 50.4% to 38.4% in a process to raise $2.7bn.
GE said that it would raise the amount through a public offering of 115 million BHGE Class A shares priced at $21.50 each and through the private sale of $250m Class B common stock priced at $0.0001 a share.
Combined net proceeds of the offering and the repurchase programme will stand at $2.7bn or approximately $3bn assuming the full exercise of the underwriters’ option to purchase additional shares of common stock from GE.
Freeport LNG raises $1bn for fourth production unit at export terminal
Freeport LNG Development raised more than $1bn to add a fourth production unit to its export terminal on Quintana Island, near Freeport, Texas, US.
A consortium led by Australia-based independent investment manager Westbourne Capital is providing a $1.025bn mezzanine loan for the Train 4 expansion project.
The terminal began LNG import operations in June 2008 and is due to start export operations this year.
Drone strikes hit Saudi Arabia oil facilities
Drones attacked the world’s largest oil processing plant in Buqyaq and the Saudi Aramco-operated Khurais oilfield in Saudi Arabia.
Iranian-backed Houthi rebels claimed responsibility for the attack, in which ten drones were used in the bombing. The attacks suspended the production of 5.7 million barrels of crude oil a day.
Engaged in a war with Saudi led forces in Yemen, the Houthi rebels warned that more strikes could come if the years-long Yemeni civil war does not end soon.
Fire at ONGC plant in India kills at least four people
A major fire that broke out at Indian company Oil and Natural Gas Corporation’s (ONGC) plant at Navi Mumbai killed at least four people and injured 11 others.
The oil and gas processing plant at Uran is located in the western state of Maharashtra and is 45km away from Mumbai.
ONGC mentioned in a tweet: “A fire broke out in stormwater drainage early morning in Uran oil and gas processing plant.
“ONGC fire services and crisis management team immediately pressed into action. Fire is being contained. No impact on oil processing. Gas diverted to Hazira Plant. The situation is being assessed.”
Concho to sell Permian Basin assets to Spur Energy for $925m
US shale gas exploration company Concho Resources signed an agreement to sell its mature Permian Basin assets in New Mexico to an affiliate of Spur Energy Partners in a $925m deal.
The company’s board has also initiated a repurchase programme of up to $1.5bn of Concho’s shares of common stock.
The asset divestment includes approximately 100,000 gross acres. The current production from the company’s New Mexico Shelf assets stands at approximately 25 thousand barrels of oil equivalent per day (Mboe/d).
Saudi Aramco acquires Shell’s stake in SASREF JV for $631m
Global integrated energy company Saudi Aramco acquired Shell’s 50% stake in the Saudi Aramco Shell Refinery (SASREF) joint venture (JV) for $631m.
Saudi Aramco purchased the stake from Shell Saudi Arabia Refining.
The acquisition was completed after receiving the necessary approvals from the regulatory bodies.
